Autor Cointelegraph By Ezra Reguerra

Liquidity provider asks platforms to freeze 3AC funds to recover assets after litigation

Liquidity provider asks platforms to freeze 3AC funds to recover assets after litigation

Uverejnil používateľ | jún 16, 2022 |

Danny Yuan, the CEO of trading firm 8 Blocks Capital, called out to platforms that are holding funds owned by 3AC to freeze the assets, as rumors of 3AC’s insolvency stay afloat. In a Twitter thread, Yuan explained their company’s involvement with 3AC, noting that they are paying the company to use the trading accounts that they own. The agreement included the ability to withdraw funds at any given time. He explained that: “We had known them since 2018, thought they were competent and didn’t think they were degen enough to lose billions and not employ basic risk management.”According to Yuan, there were no problems until June 13, when 8 Blocks Capital requested a big withdrawal because of the market’s conditions. The trading firm’s CEO said that there was no response from 3AC. “After a while, the market stabilized so we no longer needed the funds. We thought maybe they were just busy,” he wrote. However, things started to turn sour when 8 Blocks Capital detected through a script that $1 million was missing from their accounts with 3AC. Yuan said that reached out to 3AC’s co-founder Kyle Davies and their team to inquire about the missing funds. However, they did not get a response. Related: DeFi contagion fears and rumors of Celsius and 3AC insolvency could weigh on NEXO priceBecause rumors of 3AC’s insolvency are circulating online, Yuan noted that they announced what they know about the issue to gauge the extent of the situation. After that, Yuan said that they were contacted by those who have relationships with 3AC like their firm. Through this, Yuan claims that they found out more about 3AC’s situation. Yuan tweeted: 11) What we learned is that they were leveraged long everywhere and were getting margin-called. Instead of answering the margin calls, they ghosted everyone. The platforms had no choice but to liquidate their positions, causing the markets to further dump.— Danny (@Danny8BC) June 16, 2022Yuan also highlighted that 3AC still has many assets held on various platforms, which he did not name. Because of this, Yuan publicly asked those platforms to freeze the funds of 3AC so that the firm can pay back its debts after legal proceedings in the future. 

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Nifty Newsletter: Mastercard to enable direct NFT purchase, NFT floor prices collapse and more

Nifty Newsletter: Mastercard to enable direct NFT purchase, NFT floor prices collapse and more

Uverejnil používateľ | jún 15, 2022 |

This week’s newsletter highlights Mattel signing a multi-year partnership with an NFT marketplace, Mastercard planning to let cardholders purchase NFTs directly with their cards, and NFT holders being able to earn millions of dollars through intellectual property rights for their NFTs. Those investing in NFTs can also learn more about the drop in floor prices for prominent collections like Bored Ape Yacht Club (BAYC) and CryptoPunks, while this week’s Nifty News roundup features Kraft Food’s patent filing and Seth Green reuniting with his BAYC NFT. Barbie-verse: Mattel inks multi-year deal with Cryptoys NFT marketplaceMattel, a prominent toy brand, partnered with NFT marketplace Cryptoys to feature its brands such as Barbie and Hot Wheels as playable NFTs within a metaverse. Richard Dickson, the toy company’s president, believes that there are opportunities for the brand within the metaverse space. The toys will be featured on a Cryptoys metaverse created by OnChain Studios as well as in other games developed by the company. In the summer of 2022, the studio will be launching the Cryptoys NFT marketplace on top of Flow’s blockchain. In the past, Mattel has also dipped its toes in the NFT space by securing a partnership with the Wax blockchain in 2021 to release a Hot Wheels NFT collection. Continue reading…Mastercard to allow 2.9B cardholders to make direct NFT purchases To purchase NFTs, fiat holders first need to convert their money into crypto. Financial services company Mastercard aims to change this by letting its 2.9 billion cardholders purchase NFTs directly without the hassle of buying crypto first. The finance giant partnered with various leading NFT marketplaces like Immutable X, Candy Digital, The Sandbox, Mintable, Spring and NFT Gateway to integrate a payment method that lets users purchase NFTs directly. Apart from the marketplaces, Mastercard has also formed a partnership with MoonPay, a provider of crypto on and off-ramp services. Continue reading…NFT holders can earn millions through IP rights, says Apocalyptic Apes founderCointelegraph interviewed Bill Starkov, the founder of Apocalyptic Apes and a member of BAYC. According to Starkov, there is a way to generate income using NFTs apart from flipping, rather through licensing the intellectual property rights of NFTs. Starkov explained that BAYC holders are able to get profits by “licensing their apes for commercial use.” Similarly, the Apocalyptic Apes executive noted that other collections can also do this. Before this, Starkov said that people must first hold and wait for the project behind their NFTs to mature. Continue reading…Related: NFT trading volume surges amid market and floor price crashFloor price of popular NFT collections collapse due to bear marketAmid the current bear market, floor prices of prominent NFT collections BAYC and CryptoPunks have taken a nosedive. BAYC has gone from its all-time high floor price of 153.7 Ether (ETH) to 74 ETH. On the other hand, CryptoPunks also fell from its ATH floor price of 123 ETH to 48 ETH, as seen on the tracking site NFT Price Floor. The drop in NFT prices came amid the large sell-off within the broader crypto market. Before the price drop, Yuga Labs co-founder Gordon Goner also warned about an incoming attack on the company’s social media accounts. Continue reading…Nifty News: Kraft Foods files for NFT and metaverse patents, Seth Green gets his ape back and moreManufacturing bigwig Kraft Foods Group has recently filed NFT and metaverse patents. The company filed trademark applications for Kraft, Jell-O, Kool-Aid and other brands under its umbrella. Meanwhile, actor Seth Green received his BAYC NFT that had been stolen and sold to another person. The actor paid 165 ETH to buy back the NFT. Continue reading…Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights in this actively evolving space.

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[HOLD] Bitcoin is here to stay even as new innovations develop: Bybit founder

[HOLD] Bitcoin is here to stay even as new innovations develop: Bybit founder

Uverejnil používateľ | jún 15, 2022 |

Cointelegraph’s editor-in-chief Kristina Cornèr interviewed Bybit founder Ben Zhou at the Formula 1 Grand Prix at Monaco, discussing topics like educating newcomers in crypto, the effects of the Terra (LUNA) debacle on institutional interest, and the survival of Bitcoin (BTC) amid new developments in the industry. According to Zhou, the firm’s partnership with Red Bull Racing has allowed them to reach an audience that is new to crypto. Because of this, the Bybit founder noted that their team has been putting some focus on education. “Education is one part. We focus on teaching people why and how is crypto playing a part,” Zhou said. Apart from educating newcomers, the duo also talked about how the recent Terra collapse has affected the interest of institutional investors’ trust in crypto. Weighing in on the topic, Zhou said that events like the Terra crash can happen with any new industry. He noted that: “Luna was not the first kind of collapse that we’ve seen. I think we’ll get over it and gradually move on.”When asked if Bitcoin will remain the main crypto in the space in the coming years as new innovations like nonfungible tokens (NFT), decentralized finance (DeFi) and the metaverse becomes more developed, Zhou expressed that while the future is uncertain, he remain’s “bullish.” He explained that: “I believe Bitcoin is here to stay for sure. For me, Bitcoin is a store of value. It’s kind of like gold, right? […] There’s a concrete need for it.”Zhou also highlighted that he believes in crypto because it redistributes power. The Bybit founder noted that “crypto is really a revolution for the financial system.” While traditional finance is controlled by a few, Zhou noted that crypto gives power back to the people.Related: F1 Monaco GP: Bybit’s Red Bull Racing NFTs, crypto-F1 partnerships and moreBack in April, Bybit expanded its services into crypto options trading, letting its users trade options and perpetuals using USD Coin (USDC). According to the exchange, the move was an attempt to reach investors who are more familiar with traditional finance markets.

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Chainlink integrates with Moonbeam to provide price data to Polkadot developers

Chainlink integrates with Moonbeam to provide price data to Polkadot developers

Uverejnil používateľ | jún 15, 2022 |

Decentralized oracle network Chainlink (LINK) has integrated its service called Chainlink Price Feeds to Moonbeam, a smart contract parachain on Polkadot (DOT), to provide data to developers in the platform. In a release sent to Cointelegraph, Chainlink’s team noted that going live on Moonbeam will allow those who build within the platform to access price information that’s compiled and aggregated from many different exchanges. This allows decentralized finance (DeFi) developers to bring price accuracy to their decentralized applications (DApps).Moonbeam Founder Derek Yoo mentioned that access to off-chain asset prices has many uses in DeFi, but resistance to attacks and manipulation in price data is hard to achieve. However, the Moonbeam founder believes that Chainlink is able to solve the issue and can help DeFi developers within their platform. He explained that: “This Chainlink integration is one of the last integrations needed to provide a full set of building blocks to Moonbeam DeFi developers.”Niki Ariyasinghe, an executive at Chainlink, expressed their support for Moonbeam developers. Ariyasinghe highlighted that this integration will allow Polkadot developers to create new use cases in interconnected DeFi platforms. Related: Ocean Protocol, Helium and Chainlink post monthly gains while Bitcoin price consolidatesEarlier in June, LINK’s price has broken its downward trend, rallying to $9 when its team announced a new roadmap. Additionally, Chainlink has also told the news that LINK staking will be included in the project’s Chainlink Economics 2.0. This will let participants back the Chainlink network with LINK tokens, allowing it to have increased “crypto-economic security.”Last week, Chainlink has brought Chainlink Keepers as well as Chainlink Verifiable Random Function (VRF) to the Avalanche (AVAX) network. The integration provides automated smart contracts and a verified random number generator to DApps built on top of Avalanche. Ava Labs Founder Emin Gün Sirer said that this simplifies the experience of both developers and users.

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Celsius reportedly seeks advice from lawyers on restructuring

Celsius reportedly seeks advice from lawyers on restructuring

Uverejnil používateľ | jún 15, 2022 |

Crypto lending platform Celsius Network (CEL) has onboarded restructuring lawyers from Akin Gump Strauss Hauer & Feld to find potential solutions to the firm’s financial woes. The firm is reportedly looking for other strategic alternatives, such as a financial restructuring, apart from its attempts to solve its current problems. The report also noted that Celsius is trying to find investors who would be able to provide financing options for the crypto lending company. Citing extreme market conditions, Celsius paused withdrawals from its platform on Monday. Amid the withdrawal freeze, the firm has unstaked around $247 million in Wrapped Bitcoin (wBTC) from liquidity protocol Aave and sent it to the FTX exchange. Apart from its wBTC, the firm has also sent $74.5 million in Ether (ETH) to FTX. As rumors of Celsius’ insolvency proliferate, crypto exchange Nexo has extended its hands to the lending platform. The crypto firm recently told Cointelegraph that the Nexo, along with its partners and affiliates, is able to acquire a part or all of Celsius’ outstanding “collateralized loan receivables.” Related: Celsius (CEL) price gains 600%+, but analysts cite exchange error and a massive short squeezeTo quench holder fears amid the situation at Celsius, stablecoin issuer Tether (USDT) has announced that the current events surrounding the lending platform have “no impact” on Tether’s reserves. According to Tether, while they do have an investment in Celsius, it doesn’t have an impact on the stability of its reserves. The announcement also highlighted that the situation at Celsius is a result of “market volatility.” Meanwhile, crypto exchange Binance has also paused BTC withdrawals on its platform on Monday, just as the Celsius pause started. However, Binance CEO Changpeng Zhao assured holders that their funds were safe and the exchange will open withdrawals soon. On the same day, the crypto exchange resumed withdrawals.

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